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How to Qualify for a Merchant Cash Advance Program?
No matter the kind and size of business you're in, funding source is an essential. You may have survived in the start up stage, but the time comes where you would need to move on to the next level and allow your business to take another step. Say when you want to expand your business. When plants need water and sunlight to grow, your business has needs as well. Business entrepreneurs need to provide their full support, including the financial. At some point, you would need to look for other funding source when your savings, traditional bank loans, and other sources are not possible. This is where you would consider getting a business cash advance. 'Step 1: Fill out the application form.' Business owners find this an alternative solution for their business financing needs. Bank loans take time before you can receive the money you would need. Not to mention, they require too much from their customers that make it impossible for you to get the funds. Following this first step would lead you to the right funding source. Normally, these companies providing merchant cash advances allow their customers to fill out an application form. Once you're done, proceed to the next step. 'Step 2: Submit your merchant processing statements.' Most companies only require your 3-months' worth merchant processing statements. Unlike applying for traditional bank loans, processing would require business plans, collateral, and other documents. Your statements would serve as proof that your business exists and would need enough funds to keep it running and growing. 'Step 3: You're qualified!' As soon as the company receives the completed application form and your 3-months' worth merchant processing statements, within 24 hours, a member would be calling in to inform on the programs you are qualified in. 'Step 4: Sign the Contract. ' Considering the funding program that would perfectly fit your business' needs, its corresponding contract will also be provided for you to sign in. This simply means you have understood and accepted the deal. The contract contains the payment options including the time given for you to pay the full amount of money you owed off. A simple tip: read the content before signing the contract. You don't want to pay any over-charges in the future. 'Step 5: Business is funded on the next day.' Once you sign the contract, you will notice your business will be funded on the next day. Although there are companies that would still take days, but again, this is not your traditional loan. Banks would take even months before you get the money you would need. Some entrepreneurs wait for too long only to find out their application was declined. 'Step 6: Use the money the way you like.' The moment you have the cash advance in your hands, you can use it for your business to expand else, meet your business' needs. So long as you would use the money right, your business will be steps closer to realizing its goals. Forget about closing your business as you lack funds to keep it alive, consider this the financial solution your business needs.